Haverty Approves A Two-million Share Increase In Authorization For Stock Purchase

Furniture World News

Haverty Furniture Companies, Inc. reported the approval for a two-million share increase in the authorization for purchases under its previously-adopted stock-buyback program. The Company has repurchased 854,800 shares of its Common Stock since January 1, 2000. There are 478,446 remaining shares which may be purchased pursuant to prior approvals. The announced purchase authorization covers an additional 2,000,000 shares of either of the two classes of Havertys' Common Stock. As part of the approval, the purchases are authorized to be made in the open market and also through negotiated transactions. John E. Slater, Jr., President and CEO, said: "Although Havertys continues producing strong gains in year-over-year sales and earnings and increasing return on equity, we believe this is not yet reflected in the market valuation of our stock. The acquisition of our own stock has and will continue to be an excellent way to enhance shareholder value." Havertys is a full-service home furnishings retailer with 103 showrooms in 14 southern and central states providing its customers with a wide selection of quality merchandise in middle- to upper-middle price ranges. Additional information is available on the Company's website at http://www.havertys.com .